2020 Legislative Changes 2020 Legislative Changes to NC Unclaimed Property Laws which Affect Holder Reporting Senate Bill 719 Amended N.C.G.S. §§ 116B-60, 116B-63, 116B-64, and 116B-75 116B-60: Standardizes electronic reporting for all holders by July 1, 2021 and eliminates option to report securities or certain other securities-related property in the aggregate. 116B-63: Provides clarification regarding where holder reimbursements are to be directed. It also permits holders to request a refund of property paid or delivered to the Treasurer, by filing proof of an error, on a form prescribed by the Treasurer. 116B-64: Clarifies the Department’s liability for losses in performing its statutory duties relating to securities under Chapter 116B. 116B-75: Addresses the Treasurer’s powers when holders are non-compliant with their reporting, payment or delivery responsibilities. This provision gives the Treasurer the additional authority to order a holder to produce reports, make required payment and/or deliver property. Except where indicated otherwise in the legislation, the preceding changes became effective June 17, 2020. Click on the link for a full copy of enacted Senate Bill 719.
2020 Legislative Changes 2020 Legislative Changes to NC Unclaimed Property Laws which Affect Holder Reporting Senate Bill 719 Amended N.C.G.S. §§ 116B-60, 116B-63, 116B-64, and 116B-75 116B-60: Standardizes electronic reporting for all holders by July 1, 2021 and eliminates option to report securities or certain other securities-related property in the aggregate. 116B-63: Provides clarification regarding where holder reimbursements are to be directed. It also permits holders to request a refund of property paid or delivered to the Treasurer, by filing proof of an error, on a form prescribed by the Treasurer. 116B-64: Clarifies the Department’s liability for losses in performing its statutory duties relating to securities under Chapter 116B. 116B-75: Addresses the Treasurer’s powers when holders are non-compliant with their reporting, payment or delivery responsibilities. This provision gives the Treasurer the additional authority to order a holder to produce reports, make required payment and/or deliver property. Except where indicated otherwise in the legislation, the preceding changes became effective June 17, 2020. Click on the link for a full copy of enacted Senate Bill 719.
